The Weekend Trader (October Wrap)

Before I begin, I have to stress for myself and those looking over my shoulder that the moment I click post, this all has to be forgotten. I actually wish the blog had a Mission Impossible "this will self-destruct in five seconds" ability. It's history ... and that's all it is. There's a reason I have the "complacency" comment prominently displayed in the top left margin, as that's what prevents the vast majority of traders, poker players, and others -- including me in prior years -- from achieving greatness in terms of sustained equity growth.

I also expect the market's conditions will revert back to more traditional rhythms, which will lessen the opportunity for monster moves and P&L impacts -- especially for those of us who fade emotional moves -- but that of course remains to be seen.

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For those new to the charts to the right (click to enlarge), the top one tracks each month's worth of trading. The dots on each segment reflect equity points at the end of each day. The chart purposely shows me "digging to the surface" each month to emphasize that each month stands alone.

The second one provides gross trading gains, draws, expenses, and net profit for each month in the form of chip stacks. You can find a more detailed explanation of each "stack" in my October 4th post.

I really don't know where to begin to describe this month. Yet it's probably safe to say that I'll never see another month like this so long as I live. Never.

It was a career record month in many respects, including my largest single-day draw (before I got used to the "new market"), most number of days > +$20K (nine), and largest total net after expenses of $315K. I had to change the scale of my "digging to the surface" chart yet again. There's also probably a record in there somewhere for the most hours of sleep lost, but I don't track that.

And the truth is, I made a lot of mistakes -- two significant ones come to mind -- and those errors are the only elements of October that I'm going to take with me into November. btw, if you're looking over my shoulder, there can't be stronger evidence that this business and life is about overcoming mistakes. Make a mistake? Get over it and keep moving (yes, I'm shouting). There's a reason we've been given a world of tomorrows. For despite the "pristine" chatroom and advisory subscription hype, profitable traders make plenty of mistakes, and if making that point is the only purpose this blog serves, it will have been worth the effort.

Aside from that, I'm not sure what else to say. All I know is October is officially history, no longer matters, and the new game starts on Monday. The 2008 final table.

Two more months of tunneling to the surface before this year's game ends, and countless opportunities for continual self-improvement. (btw, the self-improvement game will never stop ... even after December 31.)

So we're back to square one with the only chart that matters on the lower right.

My "coach" tells me October was an awful, gut-wrenching, sick-to-my-stomach draw and I need to get back to focused recovery mode. He says I have two days off before I have to get back to work.

I think I'll need a new shovel though ... the one in my hands is so worn it looks like a spoon.

Have a peaceful weekend.